Say you go into music store/pawn shop and see a great guitar (gibson, fender...dont matter)

You buy it, get home, google the serial number and find out it was stolen from (insert famous guitar player here, Jimmy page, Slash, Eddie V halen...dont matter)...a long time ago
do you return it, sell it, seek reward???
What do you do??

Well, I would put myself in the place of the person who's guitar was stolen. I would sure appreciate it if someone found it that they would return it. Sure the guy's you mentioned have a zillion guitars and are well off, but it was/is their property.

How could you not want to return it? At the very least, you could work it so you got to meet your idol (or even if it wasn't your idol, say, like it was Clapton or Beck). You might get a reward, too, or maybe backstage passes.

At worst, his lawyer would show up to take the guitar and you'd be out everything, but then at least, you did the right thing.

Now, in real life, I'm not ever going to "Bing" a serial number on any guitar I buy from a pawn shop. That is their responsibility, not mine.

But just imagine if you found Randy Bachman's stolen Gretch! The man might buy you a house as a reward. I'd love to meet Randy.

Almost. The American way would be: keep the stolen guitar and wait for the cops to show up. When they do, mouth off to them enough so that they beat the **** out of you. Then sue them, and sue your idol, because if it wasn't for his stupidly allowing the guitar to get stolen, you wouldn't be in this position.

None of the above. I would report the fact that I was in possession of a purportedly stolen instrument to the authorities, while asserting my right to keep the instrument as a bona fide purchaser for value (presuming that is the case). I would also have my lawyer inform the "idol" in question's lawyer to make it clear that I am very sorry for what has happened and let it be known that, after the legal status of the instrument is resloved (after all, it's now a piece of evidence in connection with a crime), I would be more than willing to see if we could work out a like-kind exchange that makes us both happy.

I know a couple guys there were friends with the guy that found George Harrison's '57 Les Paul. He bought it in a Guitar Center in Hollywood, paid $400 for it. Took it back to Mexico, then someone from Harrison's camp found out and went to the guy. The guy told them that he would only give it back if he got a similar guitar in trade. So they ended up coming back and getting the guy and driving to California to some hotel, this guy walks in and there is George sitting on the bed playing a 1958 Les Paul, George gives it to that guy for the '57 Cherry Les Paul. And they sat there and played for a while. My friend told me some more stuff about it that was pretty funny.

The story is in the Beatles gear book.

That's what I'd probably do, get my money out of it, or a piece of gear that is equal to what I paid. Because I don't want to be out of what I paid.

None of the above. I would report the fact that I was in possession of a purportedly stolen instrument to the authorities, while asserting my right to keep the instrument as a bona fide purchaser for value (presuming that is the case). I would also have my lawyer inform the "idol" in question's lawyer to make it clear that I am very sorry for what has happened and let it be known that, after the legal status of the instrument is resloved (after all, it's now a piece of evidence in connection with a crime), I would be more than willing to see if we could work out a like-kind exchange that makes us both happy.

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This is fairly close to how I analyzed the situation. Key difference is I'm taking into account that legal title to the instrument may well, presently, reside with an insurance company rather than the idol. This is why you do NOT simply give it to the idol, you contact the authorities and let the investigation occur. You also may have a cause of action against the seller for at least the return of what you paid for a guitar for which the seller lacked title.

This is fairly close to how I analyzed the situation. Key difference is I'm taking into account that legal title to the instrument may well, presently, reside with an insurance company rather than the idol. This is why you do NOT simply give it to the idol, you contact the authorities and let the investigation occur. You also may have a cause of action against the seller for at least the return of what you paid for a guitar for which the seller lacked title.